Figures cited by The Guardian Nigeria from the UN’s World Economic Situation and Prospects 2026 suggest global economic output could grow about 2.7% in 2026, slightly below the prior year estimate and under the pre‑pandemic average.
The report highlights headwinds from higher tariffs, geopolitical uncertainty and uneven recoveries across regions, with growth forecasts varying across the US, EU, Asia and Africa.
For Nigeria, a softer global environment can affect oil prices, capital flows, remittances and borrowing costs—making domestic reforms and stability even more important.
Investors and policymakers will be watching inflation trends and central-bank easing cycles globally, which can influence risk appetite for emerging markets.
Echotitbits take: Nigeria’s external environment may be less supportive this year. Watch for how fiscal and FX reforms cushion shocks, and whether trade diversification reduces oil dependence.
Source: Reuters – https://www.reuters.com/business/un-predicts-world-economic-growth-slip-27-2026-2026-01-08/ 9 January 2026
2026-01-01 06:25:00
According to Punch, the Federal Government signalled plans to deepen diplomatic and economic relations with China in 2026.
In an update published by the outlet, officials framed the relationship around cooperation that aligns with Nigeria’s development priorities and investment needs.
The messaging highlights trade and infrastructure ambitions while keeping attention on debt terms, local content, and technology transfer.
The Nation also reported the engagement theme and quoted officials emphasizing cooperation that supports Nigeria’s development priorities.
Blueprint similarly referenced the 2026 outlook and highlighted language about new opportunities to deepen bilateral cooperation.
Echotitbits take:
The real story is contract quality. Watch which announced projects reach financial close, and whether Nigeria negotiates improved local value capture—jobs, skills, and export competitiveness—not just ribbon-cutting.
Source: The Punch — January 1, 2026 (https://punchng.com/fg-china-to-deepen-diplomatic-relations-in-2026/)
Former Minister of Finance, Ngozi Okonjo-Iweala and Nigeria’s nominee for the position of the Director-General of the World Trade Organisation (WTO) is set to emerge winner of the competitive race to the highly coveted head of the international body.
Reuters on Wednesday reported that a key group of WTO ambassadors proposed Okonjo-Iweala to lead the trade organisation on Wednesday,
The official announcement is expected to be made later today by WTO.
Okonjo-Iweala served as Finance Minister twice, that was during the tenures of former presidents Olusegun Obasanjo and Goodluck Jonathan.
She has experience working at international governance bodies as a former managing director of the World Bank and as a chairman at the Global Alliance for Vaccines and Immunization.
Once officially announced, Okonjo-Iweala will be the first African and first female director-general of the international body in its 25-year history.
President Muhammadu Buhari on Sunday night met with the President of Ghana, Nana Akufo-Addo at the Presidential Villa, Abuja.
The meeting was confirmed by the Special Adviser to the President on Media and Publicity, Femi Adesina who posted pictures of the two West-African leaders walking side by side on his Facebook page.
Although, Adesina did not reveal the agenda of the meeting in his post, it is however believed not unconnected with heightened tensions between the two neighbouring Nations caused by the closure of shops owned by Nigerian traders in Ghana.
President Buhari receives in audience Ghanian President H.E. Nana Akufo-Addo in State House on 20th Sep 2020
The trade tension compelled Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama to summon Ghana’s Charge d Affaires to Nigeria, Ms Iva Denoo for discussions.
Onyeama had also met with representatives of Nigerian traders in Ghana, led by Jasper Emenike, the National President of Progressive Ambassadors of Nigeria (PAN), and the organisation’s National Director, Ruth Ango over the matter.
Recall Echotitbits reported that Speaker, House of Representatives, Femi Gbajabiamila visited Ghana on Sept. 2 with a view to seeing how the issues at stake could be resolved amicably.
Speaking at a meeting with the Speaker of the House of Representatives, Femi Gbajabiamila, Akufo-Addo said a request by the speaker for a review of Ghana Investment Promotion Centre (GIPC) Act to make certain concessions was in order as it “makes a lot of sense”.
The Ghanaian President, at that meeting promised to also raise the issue with President Muhammadu Buhari.
President Nana Akufo Ado of Ghana has endorsed a proposal for the establishment of a Nigeria-Ghana Business Council to be established by law in both countries.
The Ghanaian leader has also suggested the setting up of a joint ministerial committee between the two countries that would “shepherd” issues between Ghana and Nigeria.
Speaking at a meeting with the Speaker of the House of Representatives, Femi Gbajabiamila, who was in Accra for a two-day extensive dialogue towards resolving some of the challenges confronting Nigerians doing business in Ghana, Akufo-Addo said a request by the speaker for a review of Ghana Investment Promotion Centre (GIPC) Act to make certain concessions was in order as it “makes a lot of sense”.
Speaker of the Nigerian House of Representatives, Femi Gbajabiamila & his Ghanaian counterpart, Rt. Hon. Prof. Mike Oquaye, PhD co-chairing a Bilateral Committee Meeting aimed at resolving issues between the two countries at the Ghanaian Parliament House in Accra on Wednesday 09/ 02/ 2020.
The President promised to also raise the issue with President Muhammadu Buhari when they meet at the ECOWAS Summit on Monday.
He assured Gbajabiamila of the readiness of the Ghanaian government to consider the resolutions reached at the ‘Legislative Diplomacy Bilateral Meeting’ between Nigeria and Ghana’s senior legislators on September 2 at the Ghanaian Parliament House.
Speaker of Ghana’s parliament, Mike Oquaye, led his Nigerian counterpart on a courtesy visit to the President at the Jubilee House in Accra on Thursday.
The legislative diplomacy dialogue became imperative as the parliaments of the two countries sought modalities to resolve challenges and provide an enabling business environment for foreign traders including Nigerians doing business in Ghana.
Several foreign businesses, many Nigerian-owned, in Ghana have been facing challenges in the demand for $1m capital base for foreign traders, as enshrined in the Ghana Investment Promotion Center GIPC Act (2013).
“I think the way forward, which is really what matters in situations like this, that is being suggested, one that I find very acceptable, the idea of legislation, a Nigeria-Ghana Business Council that will superintend trade matters and investment matters between our two countries, maybe long overdue.
Speaker of the Nigerian House of Representatives, Femi Gbajabiamila & his Ghanaian counterpart, Rt. Hon. Prof. Mike Oquaye, PhD co-chairing a Bilateral Committee Meeting aimed at resolving issues between the two countries at the Ghanaian Parliament House in Accra on Wednesday 09/ 02/ 2020.
“The time has come for us to take these worthwhile steps. I suggested to Mr. President that it will be a good idea to set up a joint ministerial committee of ministers from both sides who will be responsible for shepherding Ghana and Nigeria issues, reporting to both presidents at any one time, and that is how they should be resolved.
“I am hoping when I see him on Monday at the ECOWAS Summit, we can advance these discussions and come to a final conclusion.
“The way you yourselves have come about this matter is very satisfactory, and it requires our support. The review that you are asking for, why not? if it works in our mutual perspectives, we can take it for granted that your request will be taken seriously. We will have a look at it.
“So, the request for the review makes a lot of sense,” Akufo-Addo said.
Earlier, Gbajabiamila, who was in the company of some of his colleagues in Nigeria’s House of Representatives, which included the Chairmen of House Committees on Foreign Affairs, Media and Public Affairs, deputy chairmen of committee on Diaspora, Federal road safety and a member of the ECOWAS Parliament, told the Ghanaian President that they were in Ghana to “make efforts through parliamentary diplomacy to resolve the issues at stake.”
According to him, “We have appealed to the (Ghanaian) Parliament that if it’s possible at all to look again at the issues, as far as the Ghana Investment Promotion Centre Act is concerned, they should please do so.
“If it is not possible, then let us look at ways the pain can be reduced, like those expectations required in the law.
“We’ve proffered a few suggestions one of which is the establishment of Ghana-Nigeria Business Council backed by legislation on both sides,” Gbajabiamila said.
Meanwhile, in a communique issued jointly at the end of the bilateral meeting between members of the two parliaments led by their respective Speakers, Gbajabiamila and Oquaye, it was resolved that “measures will be adopted to support law-abiding traders to properly regularise their business operations to alleviate the trade challenges occasioned by the alleged closure of the retail stores, in view of the ravaging impact of COVID-19 pandemic on businesses and families in both countries.”
They acknowledged that many stakeholders in the retail sector have limited appreciation of the trade laws of Ghana, in particular, Section 28 of the GIPC Act, which provides for the conditions under which non-Ghanaians could engage in trading activities.
They urged the relevant regulatory authorities including the GIPC and Trade Attaches of foreign missions to educate their citizens on the trade laws.
They equally emphasised the need to respect the sovereignty of member states of ECOWAS and their laws, but, in doing so, efforts must be made to ensure that the ECOWAS Agenda for free movement of people and goods in furtherance of a shared and prosperous future of citizens of the sub-region is not compromised.
“A meeting will be held between the Trade and Foreign Affairs Committees of both Legislatures to deliberate on applications of Trade Laws, in particular, the GIPC Act, 2013 (Act 865) and make recommendations for appropriate solutions; and
“A Joint Committee will be established and composed of Members of both Legislatures to explore the possible passage of reciprocal legislation, which could be potentially called the “Ghana-Nigeria Friendship Act” which shall propose “Ghana-Nigeria Business Council” to provide a framework to sustain the friendship and benefits to citizens of the two nations.”
Departing Ghana on Thursday, Gbajabiamila expressed his gratitude to his counterpart for his statesmanship, leadership and hospitality, which made it possible for both countries to resolve thorny issues through legislative diplomacy.
Idowu Sowunmi
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